greg,The key numbers are the barrel of oil equivalent...

greg,

The key numbers are the barrel of oil equivalent volumes.

NWE share (without adding the liquids component) is approximately 120 million Barrels (see both the results from the NWE report and the AWE report (2.7tcf))

Now normally $10 per barrel is used to calculate the Oil in place value of the asset upon discovery, then a percentage is multiplied into it to allow for risk, nominally 15%, when calculating the companies worth.

Because we are dealing with gas, shale and fraccing lets allow $5 per barrel equivalent and allow a percentage of 7.5% for the risk.

So the numbers become
120 million x 5 x 7.5%

equates to $45 million.

If you divide this by the number of shares on issue 1,103,140,782

gives me a price of 4 cents /share

for this resource alone at this point in time.

If the balance of the acreage that is held by NWE in the North Perth Basin is of the same organic profile then the figures are much better.

As the company develops closer to the commercialization of A3 then the values change and you can all see where the value can explode.

These are my calculations and my assumptions, I recommend that you seek independent advice from a professional valuer or financial consultant.